RATE Group | BTC/USD bullish levels to watch after surging amid Chinese yuan devaluation – Confluence…
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BTC/USD bullish levels to watch after surging amid Chinese yuan devaluation – Confluence…

05 Aug BTC/USD bullish levels to watch after surging amid Chinese yuan devaluation – Confluence…

Posted at 16:18h in Bitcoin News by

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  • Bitcoin has been rising as China has intensified its currency after Trump’s tariffs.
  • BTC/USD has surpassed significant resistance and eyes higher levels.
  • Here are the next levels to watch according to the Confluence Detector.

China has devalued its currency and Bitcoin has jumped by some 10% – correlation or coincidence? At first, the timing seemed coincidental and speculation about Chinese money flowing into cryptocurrencies sounded theoretical. 

However, Eunice Yoon, Beijing Bureau Chief, Senior Correspondent for CNBC, has tweeted that chatter on China’s central bank social media account has consisted of “There is nothing more to say.  Let’s buy @Bitcoin  to avert the risk.” 

While this is far from a full confirmation, there may be something in common between Beijing’s yuan moves – one dollar is now worth more than 7 CNY – and the rise in BTC/USD.

The Chinese move is seen as a retaliation to US President Donald Trump’s announcement of a…

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